The frenzy in non-fungible tokens is showing no signs of slowing down, with sales volumes on NBA Top Shot hitting $33.4 million over the past 24 hours.
CryptoSlam! research suggests 27,614 buyers have conducted 140,544 transactions over the past day — an increase of 117.83% on the day before.
Sales on NBA Top Shot have hit $91.7 million over the past seven days too, increasing to $146.3 million over the past month.
NBA Top Shot is an official platform that offers crypto collectibles of the “most show-stopping moments” in basketball’s history. Cards can be purchased in packs, and varying degrees of rarity mean that some NFTs are more valuable than others.
Some moments featuring the likes of LeBron James and Zion Williamson have sold for a cool $100,000.
NFT Rankings Revealed
CryptoPunks, Hashmasks and the football-focused platform Sorare have also been generating millions of dollars of sales between them over the past 24 hours.
Two days ago, CryptoPunk #6965 — which, in case you were wondering, is wearing a fedora — sold for an eye-watering 800 ETH, or $1.54 million.
But as we explained on CoinMarketCap Alexandria a few days ago, not everyone is convinced that the boom in NFTs is here to stay.
Litecoin founder Charlie Lee believes that prices will eventually crash because “there is zero cost to create unlimited numbers of tokens.” He contrasted the space to the real world, where a talented artist “can only create thousands of pieces of art in their lifetime.”
With A-listers flocking to release their own NFTs on a daily basis, Lee warned “the market will eventually be flooded with NFTs from artists trying to cash in on the craze.”
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